[Funding alert] Revenue growth AI startup Samya.ai raises $6M in seed funding led by Sequoia India
Samya.AI, an enterprise revenue growth AI SaaS startup on Monday announced that it has raised $6 million in seed round funding led by Sequoia India.
The startup’s other initial investors including Ashish Gupta (Founder of Junglee.com and Helion VC), Deb Henretta (Partner, G100 Companies and Ex-Group President, P&G), Arijit Sengupta (Founder of Kradle Ventures and Antuit Inc), Deborah Kops (Ex- CEO of Antuit Inc and Ex- CMO of WNS), and Sandeep Sugla (Founder of Marketsandmarkets Inc) also participated in the round.
With the fundraised, the startup will use it to scale up the team and win business in global markets.
Founded in 2019 by Shailendra Singh, Deepinder Dhingra, and Pavan Palety, Samya.ai is the only revenue growth AI startup in the consumer packed goods (CPG) space.
The global CPG industry is losing eight to 10 percent revenue growth annually, potential due to increased scale, complexity, and volatility at the intersection of demand and supply operations. This loss is estimated to be at $150 billion in the US alone, the startup said.
“Demand-supply interactions are becoming very unpredictable and vulnerable, resulting in huge lost revenue opportunity. This trend will continue unless addressed proactively, especially when a large number of CPG companies have been facing saturating growth”, Co-founder and CEO of Samya.ai, Shailendra ‘Shelly’ Singh, said.
Most of this loss is due to inefficiencies at the intersection of the core sales/distribution, pricing & promotions, and inventory operations. Each of these teams often works in silos, operates on different legacy systems, optimises for different metrics, and are unable to anticipate and proactively learn emerging patterns, blind-spots, and interdependencies in their activities. The impact of external factors such as evolving weather conditions, macro-economics, and consumer preferences further escalates the problems.
Samya.ai is addressing these issues holistically. Its unique approach maps the power of AI/ML methods such as deep learning, probabilistic machine learning, and reinforcement learning that can adapt to the unique challenges of the sector. With purpose-built and interconnected AI SaaS modules, Samya.ai is driving disruptive value and 10X improvement over other solutions.
“AI/ML-powered learning and recommendation systems that augment front-line decision-makers are needed to plug revenue leakage”, said Deepinder Dhingra, Co-founder, COO, and CPO, Smaya.ai. “We are building a category-defining product by assembling the best AI/ML and engineering team in this space, based out of Bengaluru," he added.
“They are pursuing a bold vision and the early results of ‘proof-of-value’ pilots with global CPG companies are very exciting. Our goal here is to help build one of the leading cross-border AI SaaS companies out of India”, Shailendra Singh, Managing Director, Sequoia Capital (India) Singapore.
At present, Samya.ai is running the proof-of-value engagements with a few Fortune 500 companies and is seeing promising initial results.
“In the initial phase, we are being very selective about partnering with visionary customers as this needs close collaboration with multiple stakeholders. In the long term, we want to build a large and diverse ecosystem of partners and advisors who can help us drive customer success globally”, said Pavan Palety, Samya’s third Co-founder and Chief Customer Officer.
Samya.ai is headquartered in Chicago, USA, with its offices in London, UK, and its main product and R&D centre is in Bengaluru, India.
(Edited by Suman Singh)